JPMorgan: Strategy is the main factor for Bitcoin inflows
According to CoinDesk, JPMorgan released a report stating that the total inflow of digital assets in the first quarter of 2026 is approximately $11 billion, annualized at about $44 billion, which is about one-third of the same period in 2025.
Analysts Nikolaos Panigirtzoglou and others pointed out that the inflow of funds from retail and institutional investors is low or even negative, with the inflow in the first quarter mainly coming from btc-42">Bitcoin purchases by Strategy and concentrated crypto venture capital financing.
The overall cryptocurrency market declined in the first quarter, with the total market capitalization dropping by about 20%, Bitcoin falling by about 23%, and ETH declining by over 30%. The sell-off was driven by macroeconomic and geopolitical pressures, with altcoins experiencing even larger declines. Prices stabilized towards the end of the quarter, with Bitcoin consolidating around $70,000.
The report noted that CME futures positions for Bitcoin and ETH weakened compared to 2024 and 2025, with net outflows for spot Bitcoin and ETH ETFs occurring in the first quarter, mainly concentrated in January, while inflows for Bitcoin ETFs rebounded in March.
Strategy remains the main buyer, primarily providing funding for Bitcoin purchases through equity issuance, while other corporate holders are relatively conservative, with some selling Bitcoin for buybacks. Bitcoin miners were net sellers in this quarter. The annualized pace of crypto venture capital funding is higher than in the previous two years, but it is concentrated in a few large transactions, with funds continuing to flow into infrastructure, stablecoins, payments, and tokenization.
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